What is a Home Renovation and How Much Does it Cost?
I've seen countless homes transformed from outdated spaces into stunning masterpieces through renovation. Whether you're fixing up a fixer-upper or updating your forever home, renovations can breathe new life into any property.
Renovation: A renovation is the process of repairing, updating, or improving an existing property to enhance its appearance, functionality, or value. This can include modernizing kitchens and bathrooms, replacing outdated systems, repairing structural elements, or restoring architectural features.
People renovate their homes for many reasons. Some want to increase their property value, others need more space for a growing family, and many simply want to create their dream home without moving. Right now, with housing prices high and inventory low, many homeowners are choosing to renovate rather than relocate.
Types of Home Renovations
Let's break down the main types of renovations you might consider:
Cosmetic Renovations
These surface-level updates make a big visual impact without breaking the bank:
Fresh paint or modern wallpaper
New flooring installation
Cabinet refinishing or painting
Updated light fixtures and hardware
Functional Renovations
These improvements change how you use your space:
Kitchen remodels with new layouts
Bathroom updates with modern fixtures
Room additions for extra space
Open-concept modifications
Structural Renovations
These major projects affect your home's integrity:
Foundation repairs and updates
Complete roof replacement
Load-bearing wall modifications
Support beam installations
Cost Breakdown of Common Renovations
Kitchen Renovations ($15,000 - $50,000+)
Your kitchen costs will vary based on:
Cabinet selection ($5,000 - $25,000)
Appliance packages ($8,000 - $15,000)
Countertop materials ($2,000 - $8,000)
Bathroom Renovations ($10,000 - $30,000)
Main expenses include:
Fixtures and fittings ($1,500 - $5,000)
Tile work ($2,000 - $8,000)
Plumbing updates ($1,000 - $3,000)
Whole-House Renovations ($150,000+)
Full renovations involve:
Labor costs (40-50% of budget)
Materials (30-40% of budget)
Permits and fees (5-10% of budget)
Planning Your Renovation
Start with a clear budget and add 20% for unexpected issues. Create a realistic timeline - most kitchen renovations take 6-8 weeks, while whole-house renovations can take 6-12 months.
Consider whether to DIY or hire professionals. Some projects, like painting, are perfect for DIY. Others, like electrical work or structural changes, require licensed professionals.
Common Renovation Mistakes to Avoid
I've seen these mistakes too often:
Not getting multiple contractor bids
Picking the cheapest materials
Skipping permits
Making improvements too fancy for the neighborhood
Return on Investment (ROI)
Not all renovations pay off equally. Kitchen and bathroom updates typically return 70-80% of their cost. Adding a deck or replacing windows offers good ROI too. But swimming pools and luxury upgrades might not pay off when you sell.
Financing Your Renovation
Popular financing options include:
Home equity loans
Construction loans
Personal loans
Credit cards (for smaller projects)
Cash-out refinancing
Living Through a Renovation
Plan for disruption during your renovation:
Set up a temporary kitchen if needed
Store furniture and valuables
Use plastic barriers for dust control
Create a schedule with your contractor
When to Renovate vs. When to Move
Consider renovation if:
You love your location
Your home has good bones
The improvements make financial sense
Consider moving if:
Renovation costs exceed 75% of your home's value
Your neighborhood is declining
You need more land or a different location
Ready to Make Your Decision?
Renovating your home is a big decision that requires careful planning and consideration. If you're weighing your options between renovation and relocation, Bellhaven Real Estate can help. Our team knows the local market inside and out, and we can help you evaluate whether investing in your current home or finding a new one makes more sense for your situation.